Europe

ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads.

SM Trust has offloaded €521m of stock in Just Eat Takeaway.com, the online food delivery company, following a rally during the Covid-19 pandemic as more customers order meals to their houses.

Exasol, the German database analytics firm, priced its IPO on the Frankfurt stock exchange on Tuesday, attracting vast levels of demand from investors, despite books only being open for two and a half days.

Turkey’s Garanti Bank has raised a $592.4m-equivalent ESG-linked syndicated loan — the first of its kind signed by a bank. The deal, despite being launched at the beginning of the coronavirus crisis, went successfully, according to bankers, following a string of refinancings by other Turkish banks.

Nykredit tapped its 1% callable covered bond due 2050 on Wednesday to take it up to Dkr100bn (€13.4bn), making it the biggest long-dated covered bond ever publicly issued in Europe and highlighting the availability of long-dated funding for banks looking for alternatives to the glut of central bank liquidity made available to fight the economic effects of the coronavirus pandemic.

The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.

What is the significance of the agreement between German chancellor Angela Merkel and French President Emmanuel Macron on a European recovery package, funded through EU debt? GlobalCapital discussed it with Shahin Vallée, a senior fellow at the German Council on Foreign Relations (DGAP) and previously an economic adviser to Macron when he was France’s economy minister.

Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?

Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.

Norway’s debut syndicated tap went off with a bang on Tuesday, attracting a bumper Nkr37bn ($3.7bn) order book. The deal’s success was driven in part by increased demand from foreign investors for Norwegian govvies.

Scatec Solar, one of the few pure play renewable energy companies listed in Europe, has sold Nkr1.96bn ($192m) of new stock to finance investments in green power plants.

With the demand for green loans from its members increasing, Kommuninvest printed its tenth green transaction this week, raising Skr5bn ($520m). Despite the increased demand for green loans, Kommuninvest is yet to proceed with its euro green debut.